Must-Know Statistics on the State of Candidate Sourcing

Red Branch Media writes over 1000 content pieces annually about HR and Recruiting Processes, including candidate sourcing. We scour the internet for HR statistics that will support our educational and informational content on candidate sourcing.

Please properly credit the source of the statistic (linked) when using it in your own work. 

CANDIDATE SOURCING BREAKDOWN:

Sourcing refers to the process of searching for, identifying, and reaching out to potential candidates. After sourcing said candidates, recruiting typically kicks in, followed by the overall hiring process. Candidate sourcing is a crucial, ongoing function of recruiting and hiring and arguably the most important.

The candidate sourcing process focuses on building talent pipelines with a large pool of qualified, passive candidates who can be hired for an open position when needed rather than a costly panic to fill roles. Dive into the state of candidate sourcing with the most recent statistics below:

TALENT SHORTAGE AND CANDIDATE SOURCING STATISTICS

• Talent shortages in the United States have risen to historical levels, with 69% of employers having difficulty filling jobs – the highest in more than a decade. (Source)
• By 2030, there will be a global human talent shortage of more than 85 million people, or roughly equivalent to the population of Germany. Left unchecked, in 2030, that talent shortage could result in about $8.5 trillion in unrealized annual revenues.
  (Source)
• Regarding the tech-talent shortage, by 2020, there will be 1.4 million computer science jobs and only 400,000 computer science grads who have the necessary skills.
  (Source)

CANDIDATE SOURCING & RESEARCH GENERAL STATISTICS

• 31% of all hires are proactively sourced. (Source)
• Top candidates stay available for just 10 days before getting hired. (Source)
• 48% of businesses say their top-quality hires come from employee referrals. (Source)
• The number one way people discover a new job is through a referral. (Source)
• There is a 35% higher cost when the recruitment process is not automated. (Source)
• It takes an average of five to six weeks on average to get a job offer. (Source)
• 43% of recruiters believe that AI will make their jobs better. 7% believe it will make their job worse. (Source)
• Only 27% of American adults have a LinkedIn account. (Source)
• Sourced candidates are more than two times as efficient as candidates who apply (Source)
• 1 in every 72 Sourced candidates is hired compared to every 1 in 152 candidates who apply to open positions. (Source)
• The best performers are 4x as productive as average performers. (Source)
• 80% of a business’s profits are generated by 20% of its workers. (Source)
• 41% of employers estimated a single bad hire costs $25k, and 25% put the figure at 50k or more. (Source)

CANDIDATE SOURCING CHALLENGES

• 69% of job seekers would reject a job offer from a company with a bad employer brand. (Source)
• The top two obstacles to increasing headcount are a shortage of candidates (31%) and lengthy hiring practices (27%). (Source)
• 80% of job seekers say they wouldn’t reapply to a company that didn’t notify them of their application status. (Source)

MORE CANDIDATE SOURCING ARTICLES

• Hiring To Your Values: Transform Your Recruiting & Hiring Process | Red Branch
• Develop A Candidate Sourcing Strategy In Recruiting | IQTalent Partners
• 6 Unique Sourcing Strategies For Attracting Passive Candidates | IQTalent Partners
• 8 Quick Tips to Help Strengthen Your Candidate Sourcing Methods | ClearCompany
• Top 9 Candidate Sourcing Best Practices | ClearCompany
• 3 New Types of AI Staffing Technology for Sourcing | Mya
• 5 Use Cases of AI for Staffing Companies | Mya
• How to Build a Better Hiring Plan | CaliperCorp

Red Branch Media researches a plethora of B2B topics in order to create the best possible content for our clients in HR Technology, Finance, Non-Profit and more. Our content marketing research team is making these collections of statistics available to you. If you would like your research or articles to be featured on the Red Branch Media B2B Marketing blog, please click here.

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